Efforts to replace Libor are showing signs of progress, with trading in derivatives tied to Wall Street’s preferred alternative surging in August
Efforts to replace the troubled London interbank offered rate are showing signs of progress.
“The sharp acceleration in SOFR volumes will make it easier for markets to transition away from Libor,” said Gennadiy Goldberg, U.S. rates strategist at TD Securities in New York. The share of swap trades that mature after June 2023 jumped to 33% in August from just 10% in July. June 2023 is when roughly $200 trillion of existing interest-rate derivatives and business loans tied to Libor expire after an 18-month extension“The SOFR First initiative was a key step toward supercharging growth in SOFR derivatives trading,” said Tom Wipf, the Morgan Stanley banker who heads up the Alternative Reference Rates Committee.
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